Payment Services (Amendment) Bill

The Payment Services (Amendment) Bill seeks to amend the Payment Services Act 2019 for several key purposes. The bill expands the definitions of "digital payment token service" and "cross-border money transfer service" to align with regulatory standards on anti-money laundering and counter-terrorism financing. It introduces additional regulatory requirements for licensees providing digital payment token services, focusing on safeguarding customer assets and compliance measures. The bill also clarifies the responsibilities of licensees and major payment institutions concerning the management and treatment of customer funds and digital assets. Lastly, it establishes penalties for non-compliance with the Act's provisions.